A member of the European Central Bank (ECB) Executive Board said today that further easing of the monetary policy does not make sense at this time despite a drop in euro zone inflation.

Sabine Lautenschlaeger also said the effects of large-scale sovereign bond buying would not have the positive impact some were hoping for. The “hurdles for further measures are very high,” especially for bond purchasing programs, she said, according to a Reuters report.

While it is not out of the question to look at innovation in monetary policy, it is not an “end in itself” and the bank would need to carefully consider its efficiency, she said.

The ECB has kept interest rates near zero and could undergo more bond-buying programs to keep deflation at bay in the euro zone. The practice is known as “quantitative easing.”

If the economy does not improve by the first quarter, the ECB could make another round of government bond-buying, according to Vice President Vitor Constancio. This would likely be looked down on in Germany, as officials there feel that the idea that central banks can increase growth for a sustained period of time in a country represents flawed thinking.

Lautenschlaeger said officials shouldn’t use the interest of national government bonds as a benchmark for future refinancing operations. She said that the opportunities and risks of a broad purchase program wouldn’t have good results at the present time, and the central bank should hold off on making such a move for the foreseeable future.